Iran's Revolutionary Guard says two tankers, each carrying about two million barrels of crude oil, caught fire after hitting naval mines in the Strait of Hormuz, having switched off their navigation systems and used a route not authorised by Iran. The IRGC also said one tanker tried to cross 'with US support' while the other was left immobilised. Attacks around the waterway have surged over the past two weeks as Iran responds to the US blockade of its ports and tougher sanctions. Kpler data shows oil flows through the strait fell from nearly 20.8 million barrels on October 8 to 2.9 million on October 11. Trump ruled out using nuclear weapons or putting troops on the ground in Iran, and said he believes a deal to end the war will be reached after the November 3 US midterm elections.
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XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
DXY
▲ Likely positiveRelevance: low
| Market | Currencies |
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| Close on 10/16/2026 | 101.78 |
| Change that session | -0.20% |
PVD
▲ Likely positivePetroVietNam
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Oil Equipment & Services |
| Market cap | 16,375 bn VND |
| P/E | 14.7 |
| P/B | 0.95 |
| Close on 10/16/2026 | 17.65 |
| Change that session | -0.28% |
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Related news
- Two Oil Tankers Hit Mines While Crossing Strait Of
Iran's Revolutionary Guards Navy said two oil tankers caught fire after hitting naval mines while crossing the Strait of Hormuz, according to IRNA, and state media said both carried about 2 million barrels of crude. There was no independent confirmation of these reports. IRNA said the vessels had switched off their positioning and radar systems, used an unauthorised route, and that one was left immobilised after striking a mine. The incidents come amid heightened tensions, with attacks around the waterway surging over the past two weeks as Iran responds to a US blockade of its ports and tougher sanctions, and a container ship and a dry bulk carrier sank after being hit by projectiles earlier.
- Iran plan to open shipping lane still on the table
Iran's Foreign Minister Abbas Araqchi says Tehran's offer to reopen the Strait of Hormuz within seven days remains on the table, though Iran's security chief said talks stalled because Washington did not address all seven conditions. Iran wants the lifting of the US blockade on its ports and of sanctions on its oil exports, plus an end to hostilities on all regional fronts; if accepted, the strait could reopen within six days, with talks resuming the next day. Washington insists on addressing Iran's nuclear program from the outset, and Vice President JD Vance has said Iran must make a 'meaningful' cut to uranium enrichment capacity to end the eight-month war. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines, a claim not independently confirmed, and maritime officials reported that a container ship and a dry bulk carrier sank near the strait after being hit by projectiles.
- Iran plan to open shipping lane still on the table
Iranian Foreign Minister Abbas Araqchi says Iran's offer to reopen the Strait of Hormuz within seven days remains on the table, while Tehran reviews Washington's response. Iran's conditions include lifting the US blockade of its ports and US sanctions on its oil exports, plus ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. Washington wants Iran's nuclear program addressed from the outset, and Vice President JD Vance has demanded a “meaningful” cut in Iran's uranium enrichment capacity. Iran's Revolutionary Guards say two oil tankers caught fire after hitting naval mines while crossing the strait, a claim IRNA reported without independent confirmation. The waterway is only 35 to 40 km wide at its narrowest point, and the conflict there has pushed up global energy prices and inflation.
- Iran proposes to US reopening Strait of Hormuz within one week
Iranian Foreign Minister Abbas Araghchi said normal shipping through the Strait of Hormuz could resume within 7 days if Washington accepts the 7-day plan Tehran has conveyed through Qatar. Under the proposal, the US would need to lift its naval blockade, ease restrictions on Iranian oil exports, release part of frozen Iranian assets, and end hostile actions on all fronts, including Israel's operations in Gaza and Lebanon. President Trump had previously called these conditions unacceptable and insisted the US retains full control of the strait. According to the IRGC, two supertankers carrying about 2 million barrels each hit mines and caught fire in the strait on October 17, after switching off their tracking and radar systems to use an unauthorized route. Brent crude settled at $109.86 a barrel on October 16, up 3.7%.
- LIVE : Two oil tankers reportedly hit mines in Strait of Hormuz , Iran says
Iran's Revolutionary Guard Corps said two oil tankers carrying a combined 4 million barrels of crude caught fire after hitting naval mines in the Strait of Hormuz, according to IRNA; the vessel names and cargo origin were not immediately available. The IRGC alleged both ships had switched off their positioning and radar systems and used an unauthorized route, with one reportedly crossing with US support, though these claims have not been independently verified. Tehran now requires vessels to obtain Iranian authorisation before transiting the strait, while the US has imposed a naval counter-blockade on Iranian oil exports. Kpler data showed oil transits fell from about 20.8 million barrels on October 8 to 2.9 million barrels on October 11. Separately, a tugboat near Khor Fakkan in the UAE was struck by two unidentified projectiles, sustaining damage and one minor injury, but continued its journey.
- Iran offers US deal to reopen Hormuz within a week
Iran's Foreign Minister Abbas Araghchi said Tehran could restore normal shipping through the Strait of Hormuz within seven days if Washington accepts the peace plan Iran proposed last month, which President Trump previously rejected. In return, Iran wants the US to lift its naval blockade, ease restrictions on Iranian oil exports, release some frozen assets, and end hostilities on all fronts. The strait carries about a quarter of global seaborne oil and LNG trade, and its disruption has driven up energy prices. Two oil tankers caught fire after hitting mines on Saturday, the GFS Pride sank earlier in the week, and Brent settled at $109.86 per barrel on Friday, up 3.7%.
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